2014 Survey Shows High Levels of Public Confidence in the Bank of Canada

The 2014 public awareness survey conducted by Ipsos on behalf of the Bank had two components: custom telephone interviews with 1,000 Canadian adults reached at random and an identical online survey of 1,000 Canadian adults chosen from the Ipsos Canadian household panels. Both samples match the characteristics of the population by region, age and gender, based on the 2011 Census. The survey findings are accurate to a +/- 3.1 per cent margin of error.

While top-of-mind awareness of the Bank is lower in this 2014 survey than it was the last time this survey was conducted in 2010, Canadians are still indicating solid levels of familiarity with the Bank and an even stronger appreciation and deeper understanding of the Bank’s relevance to, and impact on, their economic well-being. The results of the 2014 survey indicate that the Bank continues to enjoy very high levels of confidence with the Canadian public.

Survey Highlights

There was a decline in the proportion of respondents saying they had recently heard, seen or read something about the Bank. In 2014, this response was 26 per cent, compared with 39 per cent in 2010. This result is likely because, in 2010, there were greater levels of media coverage of and public attention on the global financial crisis and, consequently, on the Bank.

Although fewer Canadians said that they had recently heard about the Bank, the proportion (50 per cent) that correctly identified what the Bank does has remained stable.

The level of public familiarity with the Bank is stable, at 38 per cent. This compares with 40 per cent in 2010 and is still well ahead of the 31 per cent reported in 1999.

Familiarity with the Bank is highest among men, people aged 35–54, university graduates and those with a household income over $125,000.

The level of familiarity with the Bank among francophones has increased to 36 per cent. This response is almost identical to rates among anglophones and erases the 9 per cent gap between French- and English-speaking Canadians in 2010.

The proportion of respondents who believe that the Bank’s activities are relevant to them has grown. Some 71 per cent say the Bank is relevant to their personal finances and overall economic well-being, compared with 63 per cent in 2010.

Confidence in the Bank has grown to 83 per cent from 80 per cent in 2010, considerably higher than levels of either awareness or familiarity.

When asked where they go for economic information, respondents indicated that the Internet is now their first choice (22 per cent), followed by local television (14 per cent), local newspapers (12 per cent) and network television (11 per cent). Only 10 per cent cited their local bank branch, a significant decline from the 24 per cent when we first asked the question in 1999.

Around 15 per cent of respondents indicated they had personally visited the Bank of Canada’s website, a significant rate for a government website.